LONDON, May 24, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Specialty Materials Global Market Report 2023, the market size is expected to grow from $206.7 billion in 2022 to $226.4 billion in 2023, at a compound annual growth rate (CAGR) of more than 9%. Further, the market is expected to reach $302.9 billion by 2027, growing at a CAGR of more than 7%. In terms of largest region, Europe held the largest share in the specialty materials market in 2022.
One of the key drivers of this growth is the increasing demand for convenience food. Convenience food refers to easily prepared and quickly heated food options such as frozen, dried, or canned products. Specialty materials play a crucial role in enhancing the packaging of these food items, enabling efficient handling and transportation.
Learn More In-Depth On The Specialty Materials Market
https://www.thebusinessresearchcompany.com/report/specialty-materials-global-market-report
The major specialty materials companies include IKEA, NIKE, Bridgestone, Christian Dior, Hennes & Mauritz Retail Pvt, The Michelin Group, International Paper Company, Adidas AG, and Good Year.
A significant trend within the specialty materials industry is product innovation. Key specialty materials distributors are actively engaged in developing new technological solutions to enhance their market position.
For instance, Nike Inc., a prominent US-based footwear manufacturer, introduced lace-free, slip-on sneakers in February 2021. By capitalizing on the demand for simple footwear, Nike aims to replicate the success achieved by competitors such as Vans, APL, and Crocs during the pandemic.
Get A Free Sample Of The Global Specialty Materials Market Report
https://www.thebusinessresearchcompany.com/sample.aspx?id=9289&type=smp
The global specialty materials market is segmented as -
1) By Type: Apparel And Leather Products, Furniture, General Manufacturing, Paper Products, Plastics And Rubber Products, Printing And Related Support Activities, Textile, Wood Products
2) By Nature: Organic, Conventional
3) By Distribution Channel: Supermarkets Or Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
4) By Application: Construction, Manufacture, Industry, Other Applications
The specialty materials market report provides a complete analysis of the market, highlighting its projected growth and key trends. The report also highlights the key players in the market who own largest market shares, their business strategies and the top segments they are operating in. In addition, the reports provide in-depth insights on customer behavior that companies can analyze to develop consumer centric strategies.
Specialty Materials Global Market Report 2023 by The Business Research Company provides insights on the specialty materials market size, specialty materials market segments, specialty materials market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
